When you’re looking for a rental in an urban area like Toronto, you have two big options which are an apartment or a condo. Of course, there are other home styles like lofts as well, but in general, you’re probably either looking for Toronto apartment rentals or condo rentals or else you’re not sure what’s right for you.
The following provides an overview comparison of an apartment versus a condo, not just in the Toronto market, but in urban areas in general.
Shared Living Buildings
There are both similarities and differences when you’re looking at apartments and condos.
One of the similarities is that both types of rentals are in shared properties. This means they’re within a larger building or property that has multiple individual units. There may be two units or hundreds of units. It just depends.
In most cases, one of the differences in an apartment versus a condo is the fact that with apartments the whole building is owned by a single entity, whether that’s an individual or a company. Of course, in some large cities this isn’t always the case, but generally, it is.
In a condo community, the units are typically owned by an individual, but many owners of condos then decide to rent their units out, so they’re your landlord.
You may even be looking at home ownership rather than a rental, in which case you would probably opt for a condo. When you own a condo, you do have some ability to make changes and renovate it, although you may also have to adhere to the rules set forth by the association board.
If you’re renting a condo, the owner may have taken steps to upgrade the unit, so you may get a lot of perks for a cost that’s relatively similar to renting an apartment, whereas in an apartment everything tends to be pretty standard.
Speaking of boards, with apartments most if not all of the decisions and guidelines are set forth by the individual or company that owns the property. Whether you rent or own an apartment, you may have very little say over what happens in the community.
On the other hand, in condo communities, the owners usually have a lot of say in bylaws and various changes that may take place, but this may also come with the requirement that you pay fees to the Homeowner Association.
Finally, if you’re someone who wants to find a rental and not have to interact much with your landlord if at all, an apartment is probably best.
If you rent a condo, you’re often going to have a pretty personal relationship with the owner, and you will be talking to them one-on-one whenever you need a repair, or if you have an issue.
If you rent an apartment owned by a company, you’re probably going to be requesting services online or going through a phone line, and you don’t have to worry about dealing with a potentially difficult person face-to-face.